LG Energy Solution invests 7 trillion won to build a battery plant in the United States

LG Energy Solution invests 7 trillion won to build a battery plant in the United States: COMPANY / Reporter Paul Lee / 2023-03-27 03:40:09

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

LG에너지솔루션 (사진 = 연합뉴스)

[Alpha Biz=(Chicago) Reporter Paul Lee] According to the industry on the 26th, LG Energy Solution decided to hold a board meeting on the 24th to re-promote the construction of a battery plant in Arizona, which had been on hold due to a surge in investment costs.

LG Energy Solution said it will invest 7.2 trillion won to build a new cylindrical and ESS (Energy Storage System) LFP (Lithium phosphate iron) battery plant.

The total production capacity is 43 GWh, the largest ever among global battery independent production plants in North America.

This is an increase of 4.2 trillion won from the investment amount when it was decided to review in June last year, and the production volume was expanded by 16 GWh.

In addition, it decided to invest 3 trillion won separately in the same site to build a 16GWh ESS LFP battery production plant. It is the first of its kind among global battery makers to build a battery production plant dedicated to ESS.

As of the end of last year, LG Energy Solution's order backlog was 385 trillion won, and as of the end of January this year, SK On's order backlog was 290 trillion won.